The Federal Government says it was set to boost Nigeria’s advertising and creative industry to rake in $2 billion within three years after the conclusion of its ongoing reform in the creative industry and advertising sector Revenues from the sectors currently stand at about $400 million.
The Minister of Information and Culture, Alhaji Lai Mohammed, said this in Abuja at a technical session of the Task Team on Audience Measurement inaugurated by the government.
Applauding the team’s efforts at ushering in a time of great prosperity for the entire creative sector, he said the reform process for the creative and advertising industry was necessary for it to experience significant change.
Alhaji Mohammed told the team, “The metrics and data you will be putting together, the standards of practice on receipts and payments, the media monitoring service powered by technology for real-time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous.”
“What most, if not all, have always asked for is a level-playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest gross domestic product (GDP) in Africa.”
He decried the country’s current advertising earnings of N400 million and urged the task team to raise the revenue to $2 billion within three years.